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Reuters

Business

China sentences tycoon Xiao Jianhua to 13 years, fines his company $8.1 billion

Xiao Jianhua Prison Tomorrow Shanghai

FILE PHOTO: People walk past the building with the listed address of Tomorrow Holdings' Beijing office, China, February 3, 2017. REUTERS/Thomas Peter

A Shanghai court on Friday sentenced Chinese-Canadian billionaire Xiao Jianhua, not seen in public since 2017, to 13 years in jail and fined his Tomorrow Holdings conglomerate 55.03 billion yuan ($8.1 billion), a record in China.

Xiao and Tomorrow Holdings were charged with illegally siphoning away public deposits, betraying the use of entrusted property, and the illegal use of funds and bribery, the Shanghai First Intermediate Court said.

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